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Japan manufacturing activity improves in March, services strong - PMI

Published 21/03/2024, 12:00 pm
© Reuters.

Investing.com-- Japan’s manufacturing sector shrank less than expected in March, while the services sector grew at a faster pace, indicating some resilience in the economy as it faces an end to nearly a decade on monetary stimulus.

The au Jibun Japan Manufacturing PMI read 48.2 so far in March, compared to expectations for a reading of 47.5. The figure improved from the 47.2 seen in February. 

A reading above 50 indicates expansion in the sector. 

The country’s services industry remained in expansion, with the au Jibun Japan services PMI reading 54.9 so far in March, stronger than the 52.9 seen in January.

The PMIs, which represented about 85% to 90% of overall survey responses for March, indicated some resilience in the Japanese economy, with the services sector in particular continuing to benefit from improving demand.

The readings also suggested that the economy may be on stronger footing as the Bank of Japan begins to scale back its bumper stimulus measures.

The BOJ had earlier this week raised interest rates for the first time in 17 years, and also signaled an end to its yield curve control and negative interest rate policies. 

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